Students are required to pay back all federal student loans borrowed according to the terms of the Master Promissory Note. When it comes time to repay your Federal Direct Student Loan, you will need to select a repayment plan. There are several repayment plans to choose from. How much you pay and how long you take to repay your loans will vary depending on the repayment plan you choose. Consolidation loans also have varying repayment plans.
The most common repayment plan options are: Standard, Extended, Graduated, Income Contingent, Income-Driven and Income-Sensitive. For detailed descriptions of each repayment plan option, visit the Federal Student Aid website. Please Note: students seeking face-to-face guidance may contact One-Stop Student Services in order to schedule an appointment with a Financial Aid Specialist.
The U.S. Department of Education's Federal Student Aid website features a Repayment Estimator. This is a personalized tool you can use to explore repayment options based on your income. You'll need your federal FSA ID to log in and access your actual loan information.
The following sample loan repayment charts can be used to estimate your loan repayment under the standard repayment plan. These charts are for estimating purposes only. Figures have been rounded up to the nearest whole dollar and represent minimum payments over a maximum of 10 years. Amounts do not include interest that may accumulate during periods of deferment or forbearance. Lower balances may take less than 10 years to repay at the minimum monthly payment of $50. Note: the examples below are based on an average interest rate. For information on the current year interest rate visit the financial aid Loan website.
Undergraduate 4.29% Fixed Interest Rate
Graduate 6.21% Fixed Interest Rate
Parents and Grad PLUS 7.21%
The Federal Student Aid (FSA) Ombudsman Group of the U.S. Department of Education (ED) is a neutral, informal, and confidential resource to help resolve disputes about federal student loans. The FSA Ombudsman Group should only be contacted as a last resort after efforts to resolve your student loan problems with your lender or servicer have been made.
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